Today is my last ever contracting day!

[saptastic]

Good luck on the dark side CM

[SussexSeagull]

Good luck to you. At 47 not quite ready to make the same step yet but ask me again in six months!

[GJABS]

..I've started liquidation procedures..

As in you've started drinking again? You know what I told yer about that!

[NowPermOutsideUK]

Wow, 33 years of contracting and then going perm. That will be a culture shock!

What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view

[ladymuck]

What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view

Nice of you to make sweeping assumptions about a person's circumstances. Is the air nice and fresh up on your high horse?

[Lance]

Nice of you to make sweeping assumptions about a person's circumstances. Is the air nice and fresh up on your high horse?

don't **** with Ladymuck on 1st March...

[Peoplesoft bloke]

I've had two spells of contracting and resided on here during each (and a bit during permiedom)

Now quit for the second and last time due to a blanket PSC ban from all clients.

Got a decent permie job (which really surprised me) and it's been better than I expected so far (6 months in).

Ltd co all but wound up - there was a small amount in there but not much.

It was nice whilst it lasted.

[Lockhouse]

What astonishes me is that after 33 years of contracting he does not have a warchest and enough to quit and needs to go perm - There have been posts in the past where contractors having made their money now struggle to get it out of the company in a tax efficent way

Just suppose he continues to take out 50K from his Ltd to get through his warchest and also from other investments imagine now working as perm for 60K a year - The net effect is that from the 60K a year more than 40% plus NI goes straight to the tax man which means a high stress job for 2.5K a month net - Madness in my view

Apart from being presumptious your post makes no sense. Why on Earth would anyone do that?

I'm MVLing and went perm hopefully just for a year whilst I wind up and we sell the house. It means I don't have to burn any savings. In lockdown there's not much else to do so I might as well carry on until we're sorted. Pretty silly not to to be honest.

[NowPermOutsideUK]

Im sorry - That came across all wrong - I was just reflecting on the point that working perm in the uk (once you have passive income which takes you in the higher bracket) really is not cost effective because of the tax position you are left in - That was my gripe but it came out wrong - Apologies

[quackhandle]

Good luck CM.

Being perm at least you don't see the upcoming Budget and think "Ah ****, shafted again!"


qh